The “Hot Melt Adhesives Market” 2023-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period. The Hot Melt Adhesives Market Report covers potential improvement drivers as properly as the modern-day kingdom of market share, penetration of a number of kinds, technologies, applications, and areas thru 2031.
The global hot melt adhesives market size was US$ 7.8 billion in 2021. The global hot melt adhesives market is forecast to grow to US$ 12.2 billion by 2030, registering a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
- Hot melt adhesives find their application in the packaging and construction industry. Thus, the growth of these industries is driving the growth of the global hot melt adhesives market.
- The applications of hot melt adhesives in the automotive industry are likely to benefit the hot melt adhesives market. In addition, hot melt adhesives can efficiently join non-porous materials such as glass, plastics, and metals. Moreover, they are used to label bottles and leather. Such benefits are likely to accelerate the growth of the global hot melt adhesives market.
- Growing urbanization and rising inclination towards online shopping are likely to benefit the global hot melt adhesives market.
- The sensitivity of hot melt adhesives to higher temperatures may hamper the growth of the global market.
COVID-19 Impact Analysis
Due to the COVID-19 outbreak and the subsequent lockdown, the demand for packed products grew dramatically. Hot melt adhesives are widely used in the wrapping of parcel boxes. Thus, the shutdown fueled the rise of e-commerce goods delivery services, which ultimately boosted the growth of the hot melt adhesives industry. The market witnessed significant loss in the automotive segment as the manufacturing activities halted abruptly. Moreover, due to the pandemic’s disruptions, manufacturing companies encountered a shortage of raw materials such as additives, polymers, and resins. Thus, it limited the growth of the global hot melt adhesives market.
Regional Analysis
Of all the regions, North America is expected to dominate the global hot melt adhesives market in terms of revenue. This can be attributed to rising disposable income, abruptly growing e-commerce industries, and increasing demand for packed products. Furthermore, the growing adoption of hot melt adhesives in defense, automotive, and other industrial sectors is likely to fuel the growth of the regional hot melt adhesives market. Europe is forecast to contribute the second-highest in the global hot melt adhesives market, followed by markets in the Asia Pacific. The growth of these regions is attributed to the growing trend of online shopping and evolving automotive industry.
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Competitors in the Market
- 3M Company
- Alfa International Corporation
- DowDuPont
- Arkema Group (Bostik SA)
- Ashland Inc.
- Avery Dennison Corp.
- Dymax
- AICA Asia Pacific holding Pte Ltd.
- Sika AG
- HB Fuller Co.
- Other Prominent Players
Market Segmentation
The global hot melt adhesives market segmentation focuses on Resin, End-Use, and Region.
Based on Resin Type:
- Ethylene-vinyl Acetate (EVA)
- Styrenic Block Copolymers
- Metallocene Polyolefin (MPO)
- Polyamide
- Polyolefins
- Amorphous Poly-alphaolefin (APAO)
- Polyurethane (PU) (including reactive HMA)
- Others
Based on End-use Industry:
- Packaging Solutions
- Nonwoven Hygiene Products
- Furniture & Woodwork
- Bookbinding
- Others
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
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